ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Frequently asked questions
What should I look for when choosing an accountant for my medical practice?
When selecting an accountant for your medical practice, look for someone with experience in the healthcare sector and recognised qualifications such as ACCA, ICAEW, or AAT. They should understand the specific tax rules that apply to doctors, including expenses for indemnity insurance and equipment. It is also important to check that they are registered with a professional body and have a good track record of dealing with HMRC on behalf of clients.
How can an accountant help me with my Self Assessment tax return?
An accountant can help you prepare and file your Self Assessment tax return accurately and on time. They will review your income from all sources, including locum work and private practice, and identify allowable deductions to reduce your tax bill. They can also advise on payments on account and ensure that you meet HMRC deadlines, avoiding penalties for late submission.
Do I need to register for VAT if I am a doctor?
If your taxable turnover exceeds the VAT registration threshold, you must register for VAT. An accountant can help you determine whether your income from private practice or other services requires VAT registration. They will also assist with VAT returns and advise on whether you can reclaim VAT on business purchases, such as medical equipment or software.
What are the benefits of using an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualified accountants have undergone rigorous training and adhere to strict ethical and professional standards. They are required to keep their knowledge up to date with changes in tax law and accounting practices. Using such a professional ensures that your financial affairs are handled competently, reducing the risk of errors and providing you with reliable advice on complex matters.
Can an accountant help me if I am a locum doctor with multiple income sources?
Yes, an accountant can be invaluable for locum doctors who have income from multiple NHS trusts, private agencies, or their own limited company. They can help you track your earnings, calculate your tax liability, and ensure that you are not paying more tax than necessary. They can also advise on the most tax-efficient structure for your work, such as operating through a personal service company.
What records should I keep for my accountant?
You should keep records of all income and expenses, including invoices, receipts, bank statements, and records of any business mileage. If you use your car for work, keep a log of journeys. Also retain details of any professional memberships, insurance policies, and training courses. Your accountant will need these to prepare accurate accounts and tax returns, so it is important to keep everything organised throughout the year.
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